The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2017

Uzbekistanโs insurance industry is highly competitive. The key factors that affected the Uzbek insurance industryโs performance during the review period (2008โ2012) included fierce competition in the non-life segment, a rise in claims ratios and an increase in minimum authorized capital requirements. The Uzbek insurance industry recorded a CAGR of 34.3% during the review period, primarily supported by the non-life segment. Voluntary and compulsory insurance classes recorded healthy growth in insurance premiums in 2012. The majority of the insurance business (68.6% in 2012) is generated from Tashkent, the capital of Uzbekistan. The financial crisis and European debt crisis did not have any significant impact on the countryโs insurance industry during the review period. A stable surplus budget, high levels of official reserves, a secure banking system and prudent borrowing on the international financial markets defended the country from the direct effects of the financial crisis. The projected robust economic growth in Uzbekistan is expected to drive performance of the insurance industry over the forecast period (2013โ2017).